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Soybean retreats on fresh selling
26.08.2010 11:19 "Agro Perspectiva" (Kyiv) —
The soybean futures on Indian bourses retreated from their previous two day’s gain on emergence of fresh selling.
Bearish fundamental factors like higher output expectation and poor buying interest in the spot market kept the market under pressure.
Moreover, weakness in Indian market also had a negative impact on the market.
Forecast of record US soybean harvest and concerns of weak demand over economic status were the major triggers for CBOT soy market to show a negative trend.
There were no cues from the spot market as it was shut for the day on local holiday.
The bearishness in the soybean futures market is likely to extend on Wednesday on follow through selling and on weak global markets
It is expected that soybean production in the current year will be good amid lower acreage due to improve yield level
According to National Centre for Soybean, the yield level this year is likely to be 12001250 kg/hectare as the weather conditions are very good for the crop
The soybean acreage as on 15th August is 90.72 lakh hectares, down 3.25% against 93.77 lakh hectares in the same period last year, but, it is much higher fiveyear’s average
Crushers are staying away from active buying from the market due to poor crush margin
Higher inventories of edible oil in ports is another bearish factor for the market
On global front, CBOT soybean futures fell below $10 on selling pressure
Projection of record US soybean harvest and concern of slowdown in demand due to weaker economy are the major driving factors
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